Orşova Naval Shipyard concluded two contracts of 8.6 million euros, for the delivery of two ships in the Netherlands

The Orşova Shipyard (SNO) concluded two contracts for the construction and delivery of two river vessels to the Dutch company Rensen-Driessen Shipbuilding, worth 8.58 million euros, according to a report of the issuer published on Friday on the Stock Exchange website of Bucharest Stock Exchange (BVB).

The delivery will be made in Rotterdam, by April and August 2026, the shipbuilder from Orşova will receive an advance of the contract value, based on a letter of bank guarantee, the rest of the payment will be made after the ship's arrival at the place of delivery, as it appears from the report.

This year, the Orşova Shipyard concluded four more contracts for the delivery of four ships, worth around 14 million euros.

For the first six months of the year, the producer of river vessels reported a turnover of 54.8 million lei, 24% above that of the middle of last year, while the net profit amounted to five million lei, compared to 0.5 million lei in the first six months of 2023. "Revenues from the exploitation activity were achieved mainly on account of ship production in Orsova, respectively 78.9%. The provision of services (repairs), whose volume increased by 79.6% compared to the previous period, holding a share of 13.6%, were carried out mainly at the Agigea branch", according to the report.

Orşova Naval Shipyard will publish its results for the third quarter on November 11. For this year, the company has budgeted operating income of 102.4 million lei, slightly above last year's, of 99.8 million lei, and an operating profit of 5.77 million lei, with 61.8% higher than that of 2023.

In February, Sea Container Services and SIF Muntenia (the current Longshield Investment Group) carried out a takeover offer, as a result of which they reached a concerted ownership of 94.1% of the river ship manufacturer, below the 95% threshold that would have allowed the delisting of Orşova Naval Shipyard. The two entities had concluded a cooperation agreement until the end of April this year, so they were eligible to launch the offer, probably with the aim of delisting the company.

The stock market valuation of the producer of river ships from Orşova amounts to approximately 87 million lei.